UBI ties up with Fitch Ratings

Kolkata, June 23 (UNI) United Bank of India (UBI) has entered into a tie-up with rating agency FITCH Ratings India Private Limited to increase its lending to small scale Industries.

The tie-up arrangement with FITCH Ratings India Private Limited would help the Bank take decision while lending to this sector, according to a UBI release here.

The Bank has a SSI portfolio of about Rs 1192 crores as on March 2006.

UBI has initiated various initiatives for increasing credit flow under SSI sector, including financing of clusters, ancillaries, rice milling, food processing units, rural artisans and tiny industries.

The Bank has already joined hands with Dun and Bradstreet Information Services Pvt Ltd and CRISIL for credit rating in SSI segments.

Bank has also signed MOU with SME Rating Agency (SMERA) for rating of small and medium enterprises.

The Bank is offering concessional rate of interest to SSI from 8 per cent to 12.75 per cent per annum depending on the quantum and risk rating of the account.

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